Life is full of unexpected twists and turns that can derail your plans. Life insurance from One Stop Insurance Agency LLC offers financial security to help you through the unexpected. Understanding your life insurance options in Maryland will enable you to make wise choices to help secure your family’s future.
There are basically two types of life insurance – term life and whole life. Each of these policies has unique qualities that can provide your family with the financial support they need in the event of your sudden demise.
Term life insurance is purchased for a specific time period such as 10, 20, or 30 years. The premium remains the same for the term you choose, and your coverage remains intact as long as you pay your premiums. If you pass on before the end of the term, your family will receive death benefits in the amount of your policy.
Benefits can be used to replace lost income, pay off debts, cover college expenses, pay for funeral costs, etc. By selecting a longer-term, your children can be protected through their formative years until they reach adulthood.
Whole life insurance differs from term life in that the policy stays in effect for the duration of your life, if premiums are paid. The premium stays the same for the duration of the policy. Whole life policies also accumulate cash value over the years which you can borrow from during your lifetime to use as supplemental retirement income, pay off medical bills, etc.
When selecting life insurance, consider your financial objectives and your family’s needs. Then choose a policy that best fits your situation and budget. If you have questions or need help selecting a life insurance policy, contact One Stop Insurance Agency LLC. We’re here to meet all your insurance needs.